Car Loan Interest Rate: Check SBI vs HDFC vs ICICI vs PNB EMI calculator, comparison, processing fee, other details

So, if you are planning to buy a vehicle, you must compare the car loan interest rate offered by different banks including SBI and HDFC. The State Bank of India, SBI, offers a car loan at an interest of 8.2% to 9.2%. This translates into an EMI of Rs 2,037 to Rs 2,086 per lakh. The bank does not charge any processing fee for the loan. The loan tenure is five years. (Pixabay image)

Central Bank of India provides car loans at the rate of 7.85% to 8.55% and the EMI costs Rs 2,022 to Rs 2,054 per lakh for a loan tenure of five years. The bank has waived processing fees up to 31st December 2022 under the Welcome Monsoon Retail Campaign. 

The Punjab National Bank or PNB offers a car loan at the rate of 8.15 to 9.15% and the EMIs per lakh cost between Rs 2,035 and Rs 2,083 for a tenure of five years. The bank has waived the processing fee under PNB Festival Bonanza Offer 2022.

ICICI Bank provides car loans at the interest rate of 8.3% to 9.1% depending on the tenure of the loan. This translates into an EMI of Rs 2,042 to Rs 2,081 per lakh. The bank charges a processing fee of Rs 999 to Rs 9000 depending upon the model of the car and the loan amount. The loan tenure is five years. 

HDFC Bank offers a car loan at an 8.5% interest rate and the EMI costs around Rs 2,052 per lakh. The Bank charges 0.5% of the loan amount, a minimum of Rs 3,500 and a maximum of Rs 8,000 as the processing fee of the car loan. The loan tenure is five years.

Many people prefer to take a loan for buying cars. Be it public sector lender or private sector banks, all offer car loan. The car loan interest rates by different banks ranges between 6.5% (Kotak Mahindra) and goes up to 18%. The EMIs per lakh for a tenure of five years ranges between Rs 1,957 and Rs 2,539.